2.23 Acre Land Site Fundamentals Buoyed by Location Proximate to University of Washington; Construction Underway for 268 Class A Units Targeting Student and Faculty Rental Demand
(EDITOR’S NOTE: The location of this property is 4907 25th Ave. NE in Seattle, as The Registry has previously reported.)
Seattle, Wash. (February 9, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $9.2 million in financing for a 2.23 acre land site in the University District submarket leased to developer Phoenix Property Group (PPG) for the development of a 268-unit, Class A midrise multifamily complex currently under construction.
Gantry’s Mike Wood, principal, and Alex Saunders, associate, with the firm’s Seattle production office represented the borrower in the transaction. The 10-year loan commitment offers an initial interest-only period at a historically favorable rate and was placed with State Farm.
According Gantry’s Wood, “The land’s prime location near the University of Washington main campus and the continued demand for quality rental housing outpacing supply in the region provides strong long-term fundamentals for the location. The borrower, rather than selling the land, made the decision to sign a multi-generational land lease with the developer to enjoy continued revenue from the asset. Our focus was to secure funding for this ownership goal that provided the best option for maximizing the returns on that strategy for the next decade.”
Gantry is the largest independently held, full-service commercial mortgage banking firm in the United States. Established in 1991 and headquartered in San Francisco, Gantry has expanded across the country and is staffed by 90 employees in regional offices in Los Angeles, Newport Beach, Seattle, Spokane, Phoenix, Las Vegas, Buffalo, and Portland. Gantry is the correspondent/servicer for a roster of the leading life insurance, CMBS and Agency lenders across the nation, placing more than $4 billion in loans per year. Gantry’s national servicing platform exceeds $16 billion, representing over 2,000 loans located in 40 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of a select few non-banking/non-insurance-chartered companies with this designation.